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Russian (RU) (Reuters) -U.S. President Donald Trump and Australian Prime Minister Anthony Albanese agreed on Monday to ensure a steady supply of critical minerals and rare earths, as the United States moves to reduce its reliance on Chinese supply.
The U.S. Export-Import Bank (EXIM) issued seven letters of interest (LOIs) on Monday for more than $2.2 billion of financing, unlocking up to $5 billion of total investment, to advance critical minerals and supply chain security projects between the two countries.
These are the Australian mining companies that have announced details about their receipt of LOIs from EXIM:
AGREEMENTS ANNOUNCED ON MONDAY
VHM
VHM received an updated letter of interest from EXIM for up to $200 million in funding, with an improved term of up to 15 years in potential financing, to support development of its Goschen rare earths and mineral sands project in Australia.
LATROBE MAGNESIUM
Latrobe Magnesium said EXIM was prepared to finance up to $122 million for the firm's stage 2 commercial magnesium plant in Victoria, Australia.
ARAFURA RARE EARTHS
EXIM provided a non-binding LOI in support of Arafura's Nolans project in the Northern Territory, with preliminary discussions of EXIM considering up to $300 million of financing support.
NORTHERN MINERALS
EXIM outlined it would be able to consider financing up to $230 million of potential debt funding to support the development of Northern Minerals' Browns Range heavy rare earths project in Western Australia.
AGREEMENTS ANNOUNCED PREVIOUSLY FOR PROJECTS IN AUSTRALIA
AUSTRALIAN STRATEGIC MATERIALS
Australian Strategic Materials received a LOI from EXIM in March 2024 for a debt funding package of up to $600 million to support construction of its Dubbo rare earths project northwest of Sydney.
EQ RESOURCES
EQ Resources received a LOI from EXIM in June 2025 for a debt facility of up to $34 million to support the Mt Carbine tungsten expansion project in Australia.
VICTORY METALS
Victory Metals in April 2025 secured a $190 million LOI from EXIM for the development of its North Stanmore heavy rare earths, scandium and hafnium project in Western Australia.
SUNRISE ENERGY METALS
Sunrise Energy Metals in September 2025 received a LOI from EXIM for up to $67 million in financing for its Syerston scandium project in New South Wales, Australia.
AGREEMENTS ANNOUNCED PREVIOUSLY FOR PROJECTS OUTSIDE AUSTRALIA
AMERICAN RARE EARTHS
American Rare Earths received a LOI from EXIM in September 2024 for a debt funding package of up to $456 million to support construction of the Cowboy State Mine area at its Halleck Creek project in Wyoming.
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